This paper analyzes the effects of buyer and seller risk aversion in first and second-price auctions. The setting is … to optimally set the reserve price. In both auctions the seller’s optimal reserve price is shown to decrease in his own … risk aversion, and more so in the first-price auction. Thus, greater seller risk aversion increases the ex post efficiency …

This paper characterizes the optimal first-price auction (FPA) and second-price auction (SPA) for selling rights … entails a lower reserve price, a higher expected revenue, and higher expected utilities for at least some or all bidders than …

This paper characterizes the optimal first-price auction (FPA) and second-price auction (SPA) for selling rights … entails a lower reserve price, a higher expected revenue, and higher expected utilities for at least some or all bidders than …

price-discovery and allocation process. The imposition of a price cap or floor also gives dealers large influence on the … final auction price. We propose an alternative double auction design that delivers more efficient price discovery and …

We use laboratory experiments to compare allocation rules in uniform price divisible good auctions. 'Standard' and … 'uniform' allocation rules admit different types of low-price equilibria, which are eliminated by a 'hybrid' rule. We observe … that the standard allocation rule is particularly vulnerable to collusive equilibria. -- experiment ; uniform price auction …

from them. The "minimum price Walrasian (MPW) rule" is the rule that assigns a minimum price Walrasian equilibrium …. -- minimum price Walrasian equilibrium ; simultaneous ascending auction ; strategy-proofness ; efficiency ; heterogeneous objects …

market. -- Electricity market ; balancing power ; uniform-price auction ; pay-as-bid auction …